IBRD LOAN: Euro 2.0 million (US$3.0 million equivalent)
TERMS: Maturity = 23 Years; Grace Period = 10 Years
IDA CREDIT: SDR 3.8 million (US$6.16 million equivalent)
TERMS: Maturity = 20 Years; Grace Period = 10 Years
PROJECT DESCRIPTION: The Disaster Risk Mitigation and Adaptation Project will strengthen institutional capacities (a) to reduce Albania’s vulnerability to the natural and man-made hazards; and (b) to limit human, economic, and financial losses due to these disasters. This will be achieved through (i) capacity building for emergency response through provision of necessary equipment, and strengthening disaster risk mitigation planning; (ii) supporting disaster risk reduction by provision of accurate hydro-meteorological forecasts and services tailored to the needs of disaster risk managers in weather-sensitive sectors; (iii) reducing risks from seismic activities through development of improved building codes and mechanisms for introduction of improved standards; and (iv) providing access to private catastrophic risk insurance to households and small and medium enterprises (SMEs).